Netflix Co-CEO Ted Sarandos is scheduled to testify before a U.S. Senate panel examining whether the transaction could weaken competition, affect workers and reshape consumer choice in the subscription streaming market. The hearing will be led by Senator Mike Lee, who chairs the Senate’s antitrust subcommittee and has been openly critical of the proposed takeover since it was announced in late 2025, News.Az reports, citing Reuters.
Although the Senate cannot directly block the acquisition, the hearing gives lawmakers a platform to demand transparency about how Netflix plans to integrate Warner Bros’ assets and how the merger could affect industry competition. Warner Bros’ chief strategy officer Bruce Campbell is also expected to testify.
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The proposed acquisition is currently under review by the U.S. Department of Justice, which is assessing antitrust risks linked to the deal. Regulators are also reviewing a competing hostile bid from Paramount Skydance, which is also attempting to acquire Warner Bros and its valuable entertainment assets.
Warner Bros is considered one of the most strategically important content companies in the world. Its portfolio includes major film and TV studios, an extensive content library and globally recognized franchises such as Game of Thrones, Harry Potter and DC Comics characters like Batman and Superman.
Netflix argues that competition in the broader video entertainment market remains intense. The company has pointed to data suggesting that YouTube still accounts for more total television viewing time in the United States than individual subscription streaming platforms.
However, antitrust experts expect regulators to focus on narrower competitive markets, particularly subscription-based streaming services, where a Netflix-Warner merger could significantly increase market concentration.
Paramount Skydance has claimed it would face fewer regulatory hurdles if it acquired Warner Bros, though Warner Bros leadership has repeatedly rejected Paramount’s offers. Analysts say Paramount could face major financial pressure if it attempts to finance a large acquisition through debt.
The political dimension of the deal has also drawn attention. Paramount Skydance is led by CEO David Ellison, whose family has long-standing business and political connections in Washington, adding another layer of scrutiny to the high-stakes takeover battle.
Senator Lee has raised additional concerns about whether Netflix may gain early access to Warner Bros’ sensitive internal information during the review process. In a letter sent earlier this year, he warned that access to confidential project data or strategic plans could allow Netflix to copy projects, adjust strategy or target audiences more aggressively before the deal is finalized.
The Justice Department’s review process could take more than a year, meaning the deal faces a long period of regulatory uncertainty. During this time, both lawmakers and regulators are expected to closely examine how the acquisition could reshape the balance of power among major streaming platforms.
If approved, the merger could accelerate consolidation across the entertainment industry, potentially forcing rival platforms to pursue their own acquisitions or partnerships to remain competitive.
For now, the Senate hearing marks a critical moment for Netflix as it attempts to defend one of the largest media acquisitions in history — and convince regulators that the deal will benefit consumers rather than limit competition in an already rapidly evolving streaming landscape.
